AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.43% against the USD to close at 0.8982, after data showed that unemployment rate in Australia unexpectedly recorded the worst level in more than a decade.
LME Copper prices declined 0.2% or $17.5/MT to $7157.0/MT. Aluminium prices rose 0.1% or $1.0/MT to $1687.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8998, with the AUD trading 0.18% higher from yesterday’s close, helped by a more-than-expected rise in China’s monthly inflation rate for January.
Earlier today, the Reserve Bank of Australia (RBA) Assistant Governor, Christopher Kent, indicated that the Australian Dollar has fallen to a lower level over the past one year and if it continues to depreciate further, the nation would be successful in achieving balanced growth in the economy.
The pair is expected to find support at 0.8942, and a fall through could take it to the next support level of 0.8887. The pair is expected to find its first resistance at 0.9040, and a rise through could take it to the next resistance level of 0.9083.
The currency pair is trading above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
